Standard Chartered has finalised an agreement to sell its subsidiaries in Angola, Cameroon, The Gambia, Sierra Leone, and its consumer, private & business banking business in Tanzania.
In a letter sent to BusinessDay, Standard Chartered said each transaction remains subject to the approval of the respective local regulators and the banking regulator in Nigeria.
The move is expected to expand the territory of Nigeria’s biggest financial services group in the African continent, where it has already ventured into strategic markets including Angola, South Africa, Botswana, and Zambia in addition to Mozambique.
“Access Bank will provide a full range of banking services and continuity for key stakeholders including employees and clients of Standard Chartered’s businesses across the five aforementioned countries,” Standard Chartered said.”
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